The Fair Credit Reporting Act outlines that any late payment information that is reflected on the records of the credit bureaus Equi fax , Experience , and Trans Union can be disputed by the debtor. Further, the Federal State Commission also states that the credit bureaus must erase any late payment record that they fail to validate.
If the lender is able to validate it, however, it will have to remain on record. If you have such an item and you have had an excellent record history, it would be best to approach your lender and address this issue directly to them .The first thing that you need to do is to confirm your standing as a good customer with a good payment record. Do this by checking your account history then reviewing your paper statements. Most banks today already allow their customers to look into their record online so you should be able to do this conveniently.
If you can prove that you have an excellent account history, there is a very big chance that the late payment record will be removed from your reports .Look for the customer service number in your statements or in the back of your yard and give them a call. Tell them about your concern and ask for the address where you can send a letter detailing your petition at getting the late payment removed. The agent might just try to handle this on their own but gently insist that you get the address so you can get the request in writing .Write a letter that will properly explain your plea to get the late payment removed from the records of the three credit bureaus. Back it up by explaining how you have remained religious in paying your obligations in all the years that you have been banking with them. If you think that your reason for such delinquency is reasonable, you can include it in your petition letter .Wait for 30 days before following it up with any action.
If your lender has denied your plea or has not made any move, follow it up with another phone call and ask for the address of the authorized person with whom you can appeal the decision. If you show enough persistence, your lender might finally agree to get rid of such payment entry. It will take about a month or two for such item to be removed from your record after your lender has decided to give way to your plea. After this time, ensure that this late payment entry has been removed by obtaining a copy of your credit record from the three credit bureaus. You are obliged to get a copy of this for free once in a year. There are some lenders that will not report a payment that has been made 30 or 60 days late to any of the credit bureaus.
Therefore, you have to check on your Equi fax, Experience, and Trans Union records before making any petition to your lender to get your late payment removed from your documents. Most of the time, a written letter that requests the removal of a late payment is already not necessary if you are a customer whose account is in very good standing .The ways on how to delete bad credit does not have to be complicated. Realize how easy it is to do this along with how to effectively remove collection.